Small Modular Reactor Holds Huge Potential in Solving the Global Energy Crisis. Asia-Pacific to Witness the Highest Growth.
- Himanshu Patni
- November 24, 2021
- ENERGY & POWER, NEWS
- Small Modular Reactor Market, Small Modular Reactor Market growth, Small Modular Reactor Market share, Small Modular Reactor Market size, Small Modular Reactor Market trends
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Small Modular Reactor Market is expected to exceed the market valuation of more than US$ ~12 billion by 2027 expanding at a reasonable CAGR of around ~3% during the forecast period (2021-2027). Small and Medium-sized or modular reactors are a good option to fulfil the need of flexible power generation for a wider range of users and applications. Small modular reactors which are deployable either as single or multi-module plant, offer the possibility to combine nuclear with alternative sources of energy including renewables. Many Member States are focusing on developing of small modular reactors which are defined as advanced reactors which produce electricity of up to 300 MW per module. These reactors have advanced engineered features, are deployed either as a single or multi-module plant and are designed to be built in factories and shipped to utilities for installation as the demand arises. There are about 50 SMR designs and concepts globally. Most of them are in various developmental stages and some are claimed as being near-term deployable. Currently there are four SMRs in advanced stages of construction in Argentina, Russia and China and several existing and newcomer nuclear energy countries are conducting SMR research and development. The IAEA is coordinating the efforts of its Member States to develop SMRs of various types by taking a systematic approach to the identification and development of key enabling technologies, with the goal to achieve competitiveness and reliable performance of such reactors. The Agency also helps them address common infrastructure issues which could facilitate the SMRs’ deployment.
The flexible nature of nuclear energy could enable the transition to a cleaner world and a stronger global economy. During the recent decades, clean energy sources have seen rapid innovations and cost reductions. Solar photovoltaic, hydropower, wind power, dispatchable geothermal (both deep and shallow), concentrating solar power, biomass, and fossil energy with carbon capture have experiences rapid technological and economic advances in the last decade. Nuclear energy has the potential to be coupled with many other energy sources in a synergistic fashion, which could result in integrated systems that are more than the sum of their parts. At the International Conference on Climate Change and the Role of Nuclear Power, organized by the IAEA in October 2019, the participating member states expressed that with a typical output of up to 300 MWe, SMRs could be the most effective source of CO2-free electricity to supersede aging fossil fuel-powered plants. The technology development of SMRs for immediate and near-term deployment is progressing globally.
For a detailed analysis of the market drivers in Small Modular Reactor Market browse through – https://univdatos.com/report/small-modular-reactor-market/
The propagation of Covid-19 worldwide slowed down the growth of many industries worldwide. Lockdowns implemented by the government and business to curb the spread of the virus has led to a significant reduction if the demand of electricity generation. On July 26th, 2021, a total of 222 countries were impacted by the pandemic. The pandemic curbed investments in the small modular reactor technology and is threatening to slowdown and has threatened their expansion and commercialization. In the short term, the impact was highest in the supply of Uranium, as various mines and nuclear field facilities have suspended operations. Several major uranium mining companies such as Kazakhstan, Namibia, and Canada, which account for about two-thirds of the world’s Uranium productions has seen cutbacks. The reactor design and construction schedules have also been impacted by the pandemic. Conventional nuclear plants are experiencing extended outages due to health of the workers. Delays in the designing of small modular reactors and their licensing, and construction along with drop in electricity demand all caused a negative impact on the development of Small Modular Reactors. However, the industry is expected to bounce back as the effects of the pandemic decline.
Based on Reactor Type, the Small Modular Reactor Market is segmented into Light-water Reactor, Heavy-water Reactor, High-temperature Reactor, Fast-neutron Reactor, Molten Salt Reactor. Light Water Reactors are sub segmented into Pressurized-water Reactor and Boiling-water Reactor. Amongst Reactor Type, the Light-Water Reactor segment of the market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027. Light-water reactors (LWRs) are power reactors that are cooled and moderated with ordinary water. In the PWR, water at high pressure and temperature removes heat from the core and is transported to a steam generator. There the heat from the primary loop is transferred to a lower-pressure secondary loop also containing water.
For a detailed analysis of the Connectivity in the Small Modular Reactor Market browse through – https://univdatos.com/report/small-modular-reactor-market/
Based on Connectivity, the Small Modulator Reactor Market is segmented into Grid-connected and Off-grid. Amongst Connectivity, Off-Grid segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. Off grid modulator reactors are beneficial as they can be used in remote locations where setting up of large nuclear power plants is not feasible. This helps provide remote communities with a non-fossil fuel alternative and other non-electric application in remote communities, isolated grid systems, islands and mining sites. Other benefits of small modulator reactors include their lower initial investment, higher scalability, and siting flexibility for locations that are unable to accommodate more traditional and larger reactors. They also have the potential for enhanced safety and security as compared to earlier designs. Deployment of advanced SMRs can help drive economic growth.
Based on Connectivity, the Small Modulator Reactor Market is segmented into Grid-connected and Off-grid. Amongst Connectivity, Off-Grid segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. Off grid modulator reactors are beneficial as they can be used in remote locations where setting up of large nuclear power plants is not feasible. This helps provide remote communities with a non-fossil fuel alternative and other non-electric application in remote communities, isolated grid systems, islands and mining sites.
Based on Deployment, the Small Modular Reactor market is segmented into Single-module Power Plant, and Multi-Module Power Plant. Amongst Deployment, the Multi-Module Power Plant segment of the market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027. SMRs may be deployed in scalable, multi-module configurations which provide greater flexibility to grid operations, enable integration with renewables and helps replace existing nuclear power plants and retiring coal-fired power plants. The growth of this segment is driven by the ease of financing additional units of SMRs, which leads to series production of the economies.
For a detailed analysis of the Location in the Small Modular Reactor Market browse through – https://univdatos.com/report/small-modular-reactor-market/
Based on Location, the Small Modular Reactor Market is segmented into Land and Marine. Amongst Land, the XXXX segment of the market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027. The key reason for the domination of the land segment is due to the high potential of the underground deployment, high protection from natural hazards, improved capability of seismic reactions, and higher thermal efficiencies. Furthermore, they also have a simpler licensing process as compared to the marine SMRs.
Based on Application, the Small Modulator Reactor Market is segmented into Power Generation, Process Heat, Desalination, Hydrogen Production, and Industrial. Amongst Application, Power Generation segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analysed period. The generation of power accounts for the largest market due to its ability to be integrated with renewable energies which provides flexible and baseload power. The ease of siting and operating flexibility drives the demand for small modulator reactors in the power generation application.
Additionally, the report provides detailed initiatives that are being taken in the field of Small Modular Reactor in India. The report provides a detailed analysis of regions including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. Asia-Pacific dominated the market in 2020, with XX% share.
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Westinghouse Electric, NuScale Power, General Electric-Hitachi Nuclear Energy, Terrestrial Energy, Moltex Energy, X-energy, Hotec International, General Atomics, LeadCold Reactors, and ARC Clean Energy are some of the prominent players operating in the Small Modular Reactor market. Several M&As along with partnerships have been undertaken by these players to make Small Modular Reactor as cost-effective and as widely available as possible.
Small Modular Reactor Market Segmentation
Market Insight, by Reactor Type
- Light-water Reactor
- Pressurized-water Reactor
- Boiling-water Reactor
- Heavy-water Reactor
- High-temperature Reactor
- Fast-neutron Reactor
- Molten Salt Reactor
Market Insight, by Connectivity
Market Insight, by Deployment
- Single-module Power Plant
- Multi-module Power Plant
Market Insight, by Location
Market Insight, by Application
- Power Generation
- Process Heat
- Hydrogen Production
Market Insight, by Region
- NORTH AMERICA SMALL MODULAR REACTOR
- United States
- Rest of North America
- EUROPE SMALL MODULAR REACTOR
- United Kingdom
- Rest of Europe
- ASIA-PACIFIC SMALL MODULAR REACTOR
- Rest of Asia-Pacific
- REST OF THE WORLD SMALL MODULAR REACTOR
Top Company Profiles
- Westinghouse Electric
- NuScale Power
- General Electric-Hitachi Nuclear Energy
- Terrestrial Energy
- Moltex Energy
- Hotec International
- General Atomics
- LeadCold Reactors
- ARC Clean Energy